Bio-Path Holdings, Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting significant changes in its financial position and operational performance compared to the previous fiscal period.

As of September 30, 2024, total current assets decreased to $2,899,000 from $3,042,000 at the end of 2023. Total assets also fell to $2,965,000 from $3,220,000. Current liabilities surged to $3,375,000, up from $1,906,000, primarily due to a notable increase in accounts payable, which rose to $1,036,000 from $457,000, and accrued expenses, which increased to $2,313,000 from $1,346,000. Consequently, shareholders' equity reflected a deficit of $(712,000), down from $441,000.

For the three months ended September 30, 2024, Bio-Path reported operating expenses of $2,634,000, a decrease from $3,276,000 in the same period of 2023. Research and development expenses also declined to $1,317,000 from $2,292,000, attributed to reduced manufacturing costs and timing of clinical trial expenses. The net operating loss for the quarter was $(2,634,000), an improvement from $(3,276,000) in 2023. Total other income increased significantly to $519,000 from $77,000, leading to a net loss of $(2,115,000), compared to $(3,199,000) in the prior year. The net loss per share improved to $(0.70) from $(6.36).

For the nine months ended September 30, 2024, total operating expenses were $9,367,000, down from $12,810,000 in 2023. The net loss for this period was $(7,141,000), a substantial decrease from $(12,706,000) in the previous year, with net loss per share improving to $(4.05) from $(29.34).

Cash and cash equivalents at the end of the reporting period stood at $562,000, down from $2,352,000 a year earlier. However, net cash provided by financing activities increased significantly to $7,204,000 from $1,689,000, reflecting successful capital raises through various offerings, including a private placement that closed in October 2024, generating approximately $4.0 million in gross proceeds.

Bio-Path continues to focus on its clinical and preclinical stage oncology drug development, with ongoing trials for its lead candidate, prexigebersen, and other drug candidates. The company anticipates significant operating expenses related to these clinical trials and regulatory approvals, necessitating additional capital to sustain operations.